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News and Information Article
Company Elects to Save the High Cost and Administrative Burden of
Registration to Focus on Operations and Shareholder Value
HUNTINGTON BEACH, Calif., Nov. 22 /-FirstCall/ -- Pachinko
World, Inc. (OTC Bulletin Board: PCHW), an owner and operator of stores in
Japan offering pachinko gaming entertainment, announced today that it
intends to file a Form 15 with the Securities and Exchange Commission (SEC)
on or about December 22, 2006 to voluntarily deregister its common stock
and suspend its reporting obligations under the Securities Exchange Act of
1934, as amended (the "Exchange Act"). Pachinko World is eligible to
deregister and suspend its reporting obligations by filing a Form 15
because it has fewer than 300 common stock shareholders of record. As a
result of deregistering its common stock with the SEC and suspending its
reporting obligations, the Companys common stock will no longer be
eligible for trading on the Over-the-Counter Bulletin Board (the "OTCBB").
Pachinko Worlds Board of Directors believes that deregistering and
suspending its reporting obligations will result in accounting, legal and
administrative expense reductions for Pachinko World and enable Pachinko
World management to focus more time and resources on Company operations and
enhancing shareholder value. The Pachinko World Board of Directors
determined to deregister Pachinko Worlds common stock and suspend its
reporting obligations after carefully considering the advantages and
disadvantages of continued registration. These considerations include a
significant increase in cost and administrative burden associated with
public status in light of the Sarbanes-Oxley Act of 2002 and the adoption
of new rules by the SEC. Other factors considered as part of this decision
were: (i) Pachinko Worlds common stock is very thinly traded and (ii)
Pachinko World receives no capital raising benefit from its being a
reporting company. The Pachinko World Board of Directors determined that
rising compliance costs, together with the substantial demands of SEC
filing requirements on management time and resources, outweigh the benefits
Pachinko World receives from maintaining its status as a registered
company.
Upon filing the Form 15, Pachinko Worlds obligation to file certain
reports with the SEC, including Forms 10-KSB, 10-QSB and 8-K, will
immediately be suspended, and accordingly, Pachinko World does not intend
to file its Form 10-KSB for the year ended May 31, 2007 with the SEC.
Pachinko World expects that the deregistration of its common stock will
become effective 90 days after the date of filing the Form 15 with the SEC.
About Pachinko World
Pachinko World (formerly Exam USA, Inc.), through its subsidiaries,
primarily engages in the ownership and operation of stores in Japan
offering pachinko gaming entertainment. As of May 31, 2006, the Company
operated seven stores, comprising 3,392 pachinko and pachislo machines. Its
stores are located in the Aichi prefecture and Tochigi prefecture in the
north of Japans greater Kanto area. Founded by Yoneji Hirabayashi in 1956,
the Company is headquartered in Huntington Beach, California.
This press release contains forward-looking statements based on the
Companys current expectations. In some cases, these statements can be
identified by terminology such as may, should, plans, believe,
will, anticipate, estimate, expect, or intend, including their
opposites or similar phrases or expressions. Readers should be aware that
these statements are projections or estimates as to future events and are
subject to a number of factors that may tend to influence the accuracy of
the statements. These forward-looking statements should not be regarded as
a representation by the Company or any other person that the events or
plans of the Company will be achieved. Actual results may differ materially
from these forward-looking statements.
To gain a better understanding of the risk factors that may tend to
influence the accuracy of the Companys forward-looking statements, the
Company recommends that readers consult the risk factors identified in the
Companys Annual Reports on Form 10-KSB and other filings with the U.S.
Securities and Exchange Commission. Although management believes that the
risks described in the most recently filed Form 10-KSB represent all
material risks currently applicable to the Company, additional risks and
uncertainties not presently known to the Company or that are currently not
believed to be important may also affect actual future results and could
harm the Companys business, financial condition and results of operations.
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property for sale in north south france |
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